Papaya Global Auto Enrolment FAQ – Payroll Management 2024

Over the last five or six years …Papaya Global Auto Enrolment… roles on the provider side and likewise on the supplier side from a payroll point of view so truly anticipating this discussion today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll just offer everybody another couple of uh well one of the 30 seconds approximately to join we all work back to back these days so we’ll kind of let them do that so it ‘d be rather interesting and I can see it going on already just to hear where everybody is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it remains in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s extremely extremely dreary and I wish I was somewhere else at this moment in time okay so let’s begin our program for today is as follows um we are going to be taking a look at the obstacle years of managing Worldwide payroll why business maintain separate

checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts simplifying papaya International payroll payments as a tactical possession uh we’ll also review a recap which must leave his time at the really very end for a q a session so as the title of the webinar suggests payroll officers on relocating to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces become a growing number of typical and managing them ends up being more and more intricate Worldwide organizations are looking to discover Solutions and brand-new ways to enhance processes particularly from a payroll and cross-border payment perspective numerous companies preserve separate checking account just for payroll while some have numerous accounts in different nations does it make sense for companies to maintain different savings account sometimes in various countries it does but just for payroll exists a better method what function do virtual accounts and digital wallets also called virtual wallets play in helping multinational companies simplify the episode complex processes of

making payroll payments accurately efficiently firmly and on time during this webinar we’ll walk you through the worldwide pros and cons of a payroll wallet versus a payroll savings account how companies accurately forecast their payroll expenses to increase working capital and how streamlining Worldwide payroll payments can turn them from a siled pane into a tactical possession so payroll can be challenging in adequate in one country however when you’re doing it worldwide it’s next level and Beyond it ends up being complex for a range of reasons most significantly regulations compliance data security and banking guidelines then there are the large numbers they include further complexity the international Labor force is presently three and a half billion individuals by 2030 it’s estimated that in Africa alone they will contribute and more 1.1 billion people that number is presently 500 million just for for a scale then consider that there are some 230 million companies and growing all doing their own thing all over the world in the conventional payroll design there’s frequently a frustrating variety of different systems causing time-consuming manual procedures and silos the number of Integrations could be non-existent in big quantities and or very extremely basic there’s no real consistency structure we’re living in an age of tech but payroll has actually been slow to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind every time I I believe

about it to provide you an idea of how far there still is to come according to Deloitte just 11 of businesses state they have Workforce information in real time that’s another number that gives me sleepless nights and quite frankly the more a company spends on worldwide payroll the less of a picture they see a lack of exposure also extends to payroll payments and inability to properly track these payments can lead to compliance incidents in the last mile of the deal almost half of worldwide organizations have expressed that they don’t have the level of standardization they require in their processes or want and as a result eighty percent of errors are due to time reporting poor HCM data information entry mistakes badly communicated hires and terminations in addition to absence management and system configurations and after that when you round all of it off and the data is delivered to the wrong place the typical expense of a global information breach at this moment is 3.9 billion dollars as soon as payrolls are done we still require to move the cash worldwide payroll and payments do not run smoothly if they count on the necessary multiple procedures systems and partners it is simply not possible so Johnny from a payments point of view and in your experience what else needs to be factored into the obstacles service face when they’re paying to workers or otherwise that’s an excellent concern I constantly toss this back and state what is it what does not need to be consisted of right and what does

it need to be considered there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment amount of time there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you need to pay from the customer’s own in-country account so there’s complexity anywhere you look best eventually developing a knowledge base is definitely important but all over you look with payroll payment they resemble extremely payments no if however some infants about it you are all superheroes processing payments for payroll if you take a look at the sort of link in between fintech and payroll it’s closer than ever I think there’s now a bit more acknowledgment that payroll payments are definitely essential and technology is enabling us to type of move forward with that it also as well to contribute to that payroll and finance need to work closer together um with varying Checking account Details varying banking requirements and setup processes is absolutely necessary that payroll and finance teams work better together than ever um I’m constantly astonished when individuals state I’ve divided payroll and payment um if you walk down the street and asked anyone what is payroll who doesn’t operate in the payroll profession would they split the payroll payment from computation I would say no so why do we as an industry accept that why our payroll and payments so typically split and cut up um ultimately it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying individuals anywhere they are but likewise paying statutory authorities and on statutory 3rd parties so with the

world we reside in and well-being being increasingly more crucial to contribute to sort of the level of complexity there’s a growing number of benefits being organ or being offered by services across the world so once again you’re just seeking to add increasingly more payments to this currently intricate landscape so if you sort of got any experience well I’m from your large experience here and I’m sure but have you got any experience in kind of real difficulties or genuine difficult sort of pay utilizes to play to pay people I believe yeah I indicate over the last well yeah a couple of decades I would definitely say that the bigger an organization gets the more it tends to segregate the payroll and the payments works um there are groups doing one part of the task there are groups feeding information into the next function as it were that’s really handling the payment side of things however you know in in my opinion and my experience that does not always need to be the case you understand long gone are the times where we need to develop extra handoffs at the same times that we operate in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are operating in today there is no reason that we are still making this as difficult as it needs to be agreed and appropriately as you said payroll is the single biggest liability that any organization has from an expense perspective from an effect point of view on employees it is absolutely important that it’s done properly and on time so what we suggest by that is not a day before not a day after on pay day and payments need to be done right it has the greatest detrimental result on individuals’s well-being and lots of other elements if people aren’t paid uh I have actually always been surprised coming into this Market type of the last five to 10 years is how little thanks the

payroll group get um so I’m uncertain anyone on this sort of webinar has been informed thank you for processing my payroll correctly if you have it ‘d be terrific to hear your success story and whether that’s been from all employees or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it fails however when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this stuff is definitely important that all of this things is done correctly so leveraging the first Global Payments first payroll payment option is an excellent initial step um supplying an end-to-end payroll service for your employees globally again I believe is another substantial um procedure again lining up and guaranteeing you have standardization Global processes all of those things are absolutely crucial to success success of companies and lowering the number of tools platforms and bank accounts they require for their Worldwide payroll too couldn’t agree with you more and on the the front in terms of of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle do not anticipate to you do get the odd five or ten or whatever it might be with the with the the problems where things have not gone quite where they’re indicated to be um I don’t think any of us are really doing that for for the thanks

anyhow we understand how how important a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as easy as possible for everybody that’s involved in those procedures and likewise so think of sorry I’m simply I was just gon na state picture the amount of thanks you got if you might cover the quantity of individuals that we cover within this webinar I’m sure we’re discussing numerous thousands possibly Millions picture getting that numerous thank you keeps in mind um I indicate it ‘d be interesting to see how many Post-it notes you got but it would absolutely be an intriguing job trying to clean up all those up for sure oh absolutely I can’t think of the size of my my Outlook inbox if that was the case um you ‘d require days of the week to attempt to check out them and really see what was going on and type of try to get back to everybody so moving on look why do companies select to primary separate bank accounts there are Papaya Global Auto Enrolment organizations out there doing precisely this for specific countries and I have actually operated in a company or lots of services doing exactly that I can say it does not constantly feel effective and it does produce more work I understand we’re not intentionally doing that we’re not producing additional work for anyone where we don’t have to and any person that’s managing that procedure I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many reasons one is it’s the requirement I believe individuals have actually got so utilized to we need a new savings account we open an entity and appropriately so you require it for payroll functions however there are a number of markets where it’s not a requirement so I believe it’s simply been the requirement and the standard individuals have actually adopted and continue to do over years and years passed by to add to that individuals have actually looked at things like trust accounts and numerous other methods um to to type of do it so I believe there’s a variety I think this is a process that requires taking a look at it needs altering however ultimately individuals are very stuck with what they’re familiar

with best um change is a challenging thing we all don’t like change um so I believe it’s simply sort of moving far from the norm as we’ve said so yeah so it keeps a lot of track of things um I understand undoubtedly the advantages of having maintaining several savings account but there’s a huge quantity of complexity goes with setting up a checking account keeping it guaranteeing it can send International transfers ensuring it’s set up with the best user accesses for individual people so the intricacy is huge but I think the sincere answer is modification um people haven’t been able to change or haven’t had necessarily the knowledge to actually make that change into alternate Solutions besides opening a checking account I believe you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change however we have actually constantly done it that way is no real excuse for not looking at the the advantages and the possibilities of moving on and moving into you understand what could nearly be figured out to be the next Century or two there is a lot to track and this technique does posture a number of challenges um so Johnny could you inform us about those obstacles yeah naturally so there’s a range right there is so

I recently made a change to our Enterprise system by transitioning to OS. As a result, we can now handle our payroll and payment jobs on one platform. It seems like our CFO has gained another CFO, and with this enhanced ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your devotion to mastering worldwide payroll and payments using Papaya payroll OS is good. You deserve a corner workplace with a parking space that is closer, considering your accomplishments. Papaya Global Auto Enrolment